As a researcher with a background in finance and experience following the cryptocurrency industry, I believe that Oregon’s decision to revoke Binance.US’ license is a necessary step in light of the exchange’s troubled past. The guilty plea by former Binance CEO Changpeng Zhao for violating Anti-Money Laundering laws has raised significant red flags, and it is only prudent for regulatory bodies to take action to protect consumers.
As a crypto investor, I’ve noticed that Oregon has joined the ranks of other states by taking action against Binance.US. Specifically, they have revoked, suspended, or declined to renew our operating license in their jurisdiction. This follows a series of similar decisions made by various states earlier this year.
Effective April 30, the Oregon Division of Financial Regulation took the action to rescind Binance.US’s authorization, preventing this platform from facilitating transactions involving fiat or cryptocurrency for Oregon residents. The regulatory body made this decision public through a statement.
“Due to the nature of the felonies committed by [former Binance CEO Changpeng] Zhao, the Division has revoked Binance.US’s money transmission license.”
As a researcher studying regulatory actions against cryptocurrency exchanges, I’ve observed that Oregon looked up to five other states which took steps to restrict access to an exchange following Zhao’s guilty plea for violating Anti-Money Laundering laws. Florida was the pioneer in this regard, suspending Binance.US’ license in November right after the plea. Alaska joined the bandwagon at the beginning of January by declining to renew its permit.
North Carolina revoked Binance.US’s license on January 23, while Maine chose not to renew it on January 29. A local news outlet reported that Connecticut also suspended Binance.US’s license on April 24.
Binance.US never received licenses in New York, Texas, Vermont and Hawaii.
As a researcher investigating Binance.US’s service availability, I came across conflicting information on their website. One page states that their services are unavailable in Georgia and Ohio, while another suggests they have licenses there. Intriguingly, Binance established a regional hub in Georgia back in March 2023, employing a team of 25 people. However, it seems their Minnesota license does not extend to the exchange or transmission of virtual currency.
Binance.US has faced significant challenges beyond what’s commonly known. In a court deposition held in December, the exchange’s COO, Christopher Blodgett, revealed that Binance.US had sustained a severe blow, leading to the unfortunate necessity of letting go of over 200 employees. The primary cause of this predicament was the reluctance of U.S. banks to collaborate with them.
As a researcher investigating recent developments in the cryptocurrency market, I came across an interesting legal announcement. In late June, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Binance and its subsidiary Binance.US. According to the SEC’s complaint, Binance.US had not complied with the necessary regulations by failing to register as a securities exchange, broker, or clearing agency.
Read More
- DOGS PREDICTION. DOGS cryptocurrency
- SQR PREDICTION. SQR cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- KNINE PREDICTION. KNINE cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- UXLINK PREDICTION. UXLINK cryptocurrency
- METIS PREDICTION. METIS cryptocurrency
- CLOUD PREDICTION. CLOUD cryptocurrency
- STG PREDICTION. STG cryptocurrency
- USD HKD PREDICTION
2024-05-02 00:42